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Out of Equilibrium$
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Mario Amendola and Jean-Luc Gaffard

Print publication date: 1998

Print ISBN-13: 9780198293804

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198293801.001.0001

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Out‐Of‐Equilibrium Modelling

Out‐Of‐Equilibrium Modelling

Chapter:
(p.137) 6 Out‐Of‐Equilibrium Modelling
Source:
Out of Equilibrium
Author(s):

Mario Amendola (Contributor Webpage)

Jean‐Luc Gaffard

Publisher:
Oxford University Press
DOI:10.1093/0198293801.003.0007

The first chapter of the second part of the book is devoted to the modelling of the theoretical framework expounded in the first part. A Neo‐Austrian theory of production, a sequential analytical framework, a decision process characterized by adaptive expectations and the presence of money, are the main analytical ingredients of the model. This portrays a ‘constraints‐decisions‐constraints’ sequence, where the consideration of both an intra‐ and an inter‐period sequence allows sketching out the interaction between the short and the long term. The full‐fledged working of the model engenders a complex dynamics that appears as the essence of structural change interpreted as a sequential process, and stresses the problem of the viability of the latter.

Keywords:   complex dynamics, decision process, Sequence constraints‐decisions‐constraints, sequential model

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